Massive Oil Discovery Boost – Namibia’s Orange Basin Gains 666 Million Barrels
Australia’s Pancontinental Energy has announced a game-changing resource upgrade for its offshore Namibian block, adding a massive 666 million barrels of prospective recoverable oil to its Orange Basin holdings. The dramatic increase brings the total estimated resources for the company’s flagship Oryx prospect to over one billion barrels, significantly enhancing its commercial attractiveness.
The resource boost follows comprehensive seismic analysis and technical evaluations across Pancontinental’s PEL 87 licence area, positioning the Oryx prospect alongside major discoveries by international oil giants TotalEnergies and Shell in the same geological trend.
“The Oryx prospect continues to grow in scale and significance,” declared John Begg, Pancontinental’s Executive Chairman. “This latest increase reinforces our view that the Orange Basin is one of the most exciting oil frontiers globally.”
Located offshore southern Namibia, the Oryx prospect represents Pancontinental’s most promising lead within the block. The company holds a 75% operating interest in partnership with Namibian state oil company NAMCOR and local firm Paragon Oil & Gas. Advanced discussions with potential farm-in partners are underway to fund future drilling activities, with a drilling decision expected in the coming months.
Source: UpstreamOnline.com
